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Treasury Metals Inc Announces Financing With RMB Resources Inc

Friday, 15 Nov 2013 08:22am EST 

Treasury Metals Inc announced it has entered into an mandate with and subsequently received In-Principle Approval from RMB Resources Inc. (RMB), to arrange and provide a $6,000,000 Feasibility Finance Facility (the Facility) by the lender, RMB Australia Holdings Limited. RMB is the resource merchant banking division of the FirstRand Group. Concurrent to the RMB financing, the Company will undertake to complete a private placement of common shares for $2.5 million. The combined financing will provide sufficient capital to fund the remaining technical program required to complete a bankable feasibility study and the mine permitting for Treasury's flagship Goliath Gold Project, located in northwestern Ontario. Key terms of the Facility are as follows: $6,000,000 Secured, Medium Term Facility of which an initial $3 million will be available on closing and a second tranche of $3 million will be available upon completion of specified project milestones; A Facility term of 2.5 years at CDOR plus 7.5% per annum; Pre-payment at any time without penalty; 1.5 million financier warrants, to be issued on the closing date, which will entitle RMB, for a period of 3.5 years, to purchase a common share of Treasury at an exercise price equal to a 15% premium to the 20-day volume weighted average price (VWAP) on the closing date capped at $0.55 per share. A second set of 1.5 million financing warrants will be issued at the drawdown of the second $3 million of the Facility. 

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25 Jul 2014